Most young adults dream of the day when they are financially secure enough to move out of their parents home. Well, according to a new survey, the coronavirus has caused that dream to end for a lot of young adults.
A new Pew Research study finds:
- As of July, 52% of young adults, ages 18 to 29, were living with either one or both of their parents.
- That is an increase from 47% in February.
- Overall 26.6 million young adults were living with their parents, an increase of 2.6% since February.
- Before now, the highest number of young adults living with their parents occurred at the end of the Great Depression (there is no data for during the worst of the Great Depression).
- At that time, 48% of young adults were living with their parents.
- Of those young adults who moved home, 9% say their permanent or temporary relocation is because of the coronavirus.
- The biggest reason young adults have moved home is because their college campus closed (23%).
- 18% moved home due to a job loss or other financial reason.